OPEC members increasingly keen to end oil glut – Kachikwu

Nigeria’s minister of state for petroleum resources, Emmanuel Ibe Kachikwu has indicated that the mood inside the Organization of the Petroleum Exporting Countries (OPEC) is shifting from mistrust to a growing consensus that a decision must be reached on how to end the global oil price rout, Reuters reports.

“There’s increased conversation going on. I think when we met in December … they (OPEC members) were hardly talking to one another. Everyone was protecting their own positional logic,” Kachiwku said. “Now I think you have cross-logic … they are looking at what are the deficiencies, what is the optimum” he added.

Struggling oil producers have made repeated calls for an emergency OPEC meeting, but Kachikwu said that the timing had not been right. Kachikwu however said that he would be meeting his Qatari and Saudi counterparts next week to further discuss a recent proposition by Venezuela’s oil minister for a freeze on new production to place a cap on the growing glut while not requiring countries to surrender market share.

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